Tech stocks deemed stable despite 64% drop in value in 2022

Tech stocks deemed stable despite 64% drop in value in 2022

- Technology stocks will continue to be a popular investment in 2023, according to Saxo Bank

DUBAI, UAE – Saxo Bank, the online trading and investment specialist, has revealed US tech firms were the most traded among its UAE-based clients last year. Meta Platforms led the list of Saxo’s most-traded stocks for the GCC in 2022, ahead of Apple, Amazon.com, Tesla, and Microsoft.

Last year was expected to demonstrate a world recovering from the COVID-19 pandemic and heading toward a new normal. Yet while the effects of the pandemic did ease, 2022 brought surprises, starting with Russia’s invasion of Ukraine in February. The attacks shook the market, impacting both energy and food stocks and prompting a surge of inflation around the world.

Yet technology stocks maintained their status as the most popular among retail investors. Peter Garnry, Head of Equity Strategy at Saxo Bank, said: “The best long-term performance has been found in the technology sector. In addition, many of the large technology companies are household names among consumers, making them more recognisable than some industrial companies.”

Last year was a challenge for tech stocks as excessive equity valuations were destroyed due to rapidly increasing interest rates, causing significant losses. Meta in particular took